Total provisions booked by GCC banks since start of crisis reached $11.7b
KIPCO Asset Management Company (KAMCO) Research Department had carried out a presentation of the performance of GCC banking sector by analysing the financial statements for 58 banks with the purpose of shedding the light on the repercussions of the crisis on the financial position of the banking sector in the GCC Region which represents a key sector for any country's economy and the analysis revealed as follows:
During 2008, GCC banks have witnessed record levels of provision for doubtful loans where together recorded total provisions of USD 7.1 billion. Provisions booked during FY 2008 represent a notable 243% increase from those booked during 2007 which recorded USD 2.1 billion, while provisions that had been booked during 2006 recorded USD 1.44 billion
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